LIBRARY & RESOURCE CENTRE

Regular Compliances

Every Limited Liability Partnership shall have at least 2 partners who would be designated partners and out of which at least 1 partner shall be resident in India.

The Limited Liability Partnership and its every partner shall be punishable with fine which shall not be less than Rs 10000 but which may extend to Rs 5,00,000

2.

Procuring Designated Partners Identification Number

7(6)

Every Designated Partner should have to obtain a Designated partner Identification Number (DPIN) from the Central Government and in respect of this, all the provisions of sections 266A to 266G of the Companies Act, 1956 shall apply accordingly

Every individual or partner , who is in default shall be punishable with fine which may extend to Rs 5000 and where the contravention is continuing one, with further fine , which may extend to Rs 500 for every day during which the default continues.

3.

Consent and Particulars of Designated Partners

7(3) & 7(4)

Filing of consent of Designated Partner to act as such with the Registrar of Companies in eform 4 with in 30 days of the appointment as the designated partner

The Limited Liability Partnership and its every partner shall be punishable with fine which shall not be less than Rs. 10,000 but which may extend to Rs. 1,00,000.

4.

Vacancy of Designated Partner

9

Filing of vacancy in Designated Partner with in 30 days of vacancy and intimation of same to Registrar of Companies and in case if no designated partner being appointed or if any time there is only one designated partner, then each partner shall be deemed to be the designated partner

The Limited Liability Partnership and its every partner shall be punishable with fine which shall not be less than Rs. 10,000 but which may extend to Rs. 1,00,000.

5.

Change of Registered Office

13(3)

File the notice of any change in registered office with the Registrar of Companies in eform and any such change shall take effect only upon such filing.

The Limited Liability Partnership and its every partner shall be punishable with fine which shall not be less than Rs. 10,000 but which may extend to Rs. 1,00,000.

6.

Change of Name

19

A Limited Liability Partnership may change its name registered with the Registrar by filing with the Registrar notice of such change in such form and manner and on payment of such fees as may be prescribed.

Person guilty of offence shall be punishable & liable to a fine which may extend to Rs 5,00,000 but which shall not be less than Rs 5000 and with a further fine which may extend to Rs 50 for everyday after the first day after which the default continues.

7.

Name of LLP on Invoice and official Correspondence

21(1)

All invoices and official correspondence of the Limited Liability Partnership shall bear its name, address and registration number and a statement that it is registered with Limited Liability.

The Limited Liability Partnership shall be punishable with fine which shall not be less than Rs 2000 but which may extend to Rs 25,000.

8.

LLP Agreement & Changes there in

23(2)

A Limited Liability Partnership Agreement and any changes made therein shall be filed with the Registrar in such form and manner and accompanied by such fees as may be prescribed.

Person guilty of offence shall be punishable shall be liable to a fine which may extend to Rs 5,00,000 but which shall not be less than Rs 5000 and with a further fine which may extend to Rs 50 for everyday after the first day after which the default continues.

9.

Change in Partners

25(2)

Where a person becomes or ceases to be a partner or where there is any change in the name or address of a partner, notice of the same signed by the designated partner to be filed within 30 days to the Registrar.

The Limited Liability Partnership and every designated partner of the limited liability partnership shall be punishable with fine which shall not be less than Rs 2000 but which may extend to Rs 25,000.

10.

Books of Accounts

34(1)

Limited Liability Partnership shall maintain proper Books of Accounts for each year on cash basis or on accrual basis and according to the Double Entry System of Accounting at its registered office and shall get them audited in accordance with the rules as may be prescribed otherwise exempted by notification of the Central Government

The Limited Liability Partnership shall be punishable with fine which shall not be less than Rs 25,000 but which may extend to Rs 5,00,000 and every designated partner of such limited liability partnership shall be punishable with fine which shall not be less than Rs 10,000 but which may extend to Rs 1,00,000